Coinbase Legal Director Hints at Future Token Release for Base Layer-2 Project
In a recent interview with Decrypt, Coinbase’s Chief Legal Officer, Mr. Paul Grewal, shared his insights on the legal landscape of the cryptocurrency market in the United States, focusing on the intriguing revelations surrounding the potential release of tokens for the emerging layer-2 project, Base. Specifically, when asked about when Base made the decision “not to issue tokens,” despite previous declarations of no tokens and no intentions to deploy them, Mr. Grewal cautiously responded that the issuance of Base tokens might still occur in the future.
In his own words, Mr. Paul Grewal stated, “I believe a token could be deployed at some point in the future. It’s not something we’ve completely ruled out.”
Wen token? “I think a token could be viable at some point in the future,” #Coinbase CLO Paul Grewal said about L2 @buildonbase. “It’s not something we’ve ruled out entirely.”https://t.co/RbSdkN9Apg https://t.co/b1GIfOM6wg
— Decrypt (@decryptmedia) September 21, 2023
However, he added that Coinbase’s primary goal in building Base is to create a technological solution, expand it, and bring it into practical applications. On the other hand, tokenomics and tokenization don’t seem to be their current focus.
Furthermore, having a clear regulatory framework in the market is deemed essential for Base to be prepared for such significant development steps.
In the past, Base has consistently reminded its users that they had no plans to issue tokens, even going as far as clarifying this in their project’s old X (formerly Twitter) bio. Similarly, in previous project launch announcements, and most recently in May, the layer-2 project reiterated the absence of tokens while cautioning users about a series of counterfeit project tokens.
Mr. Grewal’s remarks have sparked curiosity within the cryptocurrency community, as Base’s potential token issuance could significantly impact the project’s future and the broader crypto landscape in the United States. While the project has previously maintained a stance against tokenization, this recent statement indicates that the door to token issuance may not be entirely closed.
In conclusion, Mr. Paul Grewal’s interview with Decrypt has shed light on Coinbase’s perspective regarding Base’s potential token issuance. While the project’s primary focus remains on technological innovation and practical applications, the possibility of tokens in the future adds an intriguing dimension to the evolving cryptocurrency landscape.
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